10% Senior Notes Due 2013 (8631B)
February 25 2011 - 6:00AM
UK Regulatory
TIDMEXXS
RNS Number : 8631B
Energy XXI (Bermuda) Limited
25 February 2011
Energy XXI Announces Early Settlement Results
For Tender Offer for 10% Senior Notes Due 2013
HOUSTON - Feb. 25, 2011 - Energy XXI (Bermuda) Limited ("Energy
XXI") (NASDAQ: EXXI) today announced the results of the early
settlement for the tender offer by its wholly owned subsidiary,
Energy XXI Gulf Coast, Inc. (the "Company"), to purchase for cash
any and all of the Company's outstanding 10% Senior Notes due 2013
(the "10% Notes").
D.F. King & Co., Inc., the Depositary and Tender Agent for
the tender offer, has advised Energy XXI that, as of 5 p.m., New
York City time, on Feb. 24, 2011 (the "Early Participation Payment
Deadline"), $122.3 million aggregate principal amount of the 10%
Notes had been validly tendered and not withdrawn, representing
approximately 53.4 percent of the 10% Notes outstanding. For each
$1,000 principal amount of the 10% Notes validly tendered and not
withdrawn, holders will be entitled to receive total consideration
of $1,050, which includes an early tender payment of $30 per $1,000
principal amount of the 10% Notes so tendered (the "Early
Participation Payment").
The tender offer remains open and is scheduled to expire at
midnight, New York City time, on March 10, 2011 (the "Expiration
Date"). Holders whose 10% Notes are validly tendered after the
Early Participation Payment Deadline but prior to the Expiration
Date will be eligible to receive the tender offer consideration,
determined as set forth in the Offer to Purchase, but will not be
eligible to receive the Early Participation Payment.
The complete terms and conditions of the offer are set forth in
an Offer to Purchase and related Letter of Transmittal sent to
holders of 10% Notes. Copies of the Offer to Purchase and Letter of
Transmittal may be obtained from the Depositary and Tender Agent
for the Offer, D.F. King & Co., Inc. at (800) 769-4414 (US toll
free).
RBS Securities Inc. is the Dealer Manager for the tender offer.
Questions regarding the offer may be directed to RBS Securities
Inc. at (877) 297-9832 (toll-free) and (203) 897-6145
(collect).
This press release is neither an offer to purchase nor a
solicitation of an offer to sell the notes or any other securities.
The offer is made only by and pursuant to the terms of the Offer to
Purchase and the related Letter of Transmittal. None of Energy XXI
Gulf Coast, Inc., Energy XXI (Bermuda) Limited, the Dealer Manager
or the Depositary and Tender Agent makes any recommendations as to
whether holders should tender their notes pursuant to the
offer.
Forward-Looking Statements
All statements included in this release relating to future
plans, projects, events or conditions and all other statements
other than statements of historical fact included in this release
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based upon current expectations and are subject to a number of
risks, uncertainties and assumptions, including changes in
long-term oil and gas prices or other market conditions affecting
the oil and gas industry, reservoir performance, the outcome of
commercial negotiations and changes in technical or operating
conditions, among others, that could cause actual results,
including project plans and related expenditures and resource
recoveries, to differ materially from those described in the
forward-looking statements. Neither Energy XXI nor the Company
assumes any obligation and expressly disclaims any duty to update
the information contained herein except as required by law.
About Energy XXI
Energy XXI is an independent oil and natural gas exploration and
production company whose growth strategy emphasizes acquisitions,
enhanced by its value-added organic drilling program. Energy XXI's
properties are located in the U.S. Gulf of Mexico waters and the
Gulf Coast onshore. Seymour Pierce is Energy XXI's listing broker
in the United Kingdom. The Company is an indirect wholly owned
subsidiary of Energy XXI.
Enquiries of the Company
Energy XXI
Stewart Lawrence
Vice President, Investor Relations and Communications
713-351-3006
slawrence@energyxxi.com
Seymour Pierce - UK AIM Adviser
Jonathan Wright/
Jeremy Porter - Corporate Finance
Richard Redmayne - Corporate Broking
Tel: +44 (0) 20 7107 8000
Pelham Bell Pottinger
James Henderson
jhenderson@pelhambellpottinger.co.uk
Mark Antelme
mantelme@pelhambellpottinger.co.uk
+44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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